- POSTED: 13 Dec 2013 07:26
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The dollar rebounded slightly against other major currencies as US bond yields turned higher on rising expectations of a Federal Reserve taper of its stimulus program next week.
NEW YORK: The dollar rebounded slightly against other major currencies as US bond yields turned higher on rising expectations of a Federal Reserve taper of its stimulus program next week.
Although many analysts said the move could be put off for another month, solid data on US retail sales for November added to the picture of a stronger US economy, raising the chances of an initial cutback to the $85 billion a month bond buying program.
At 2200 GMT the euro was at $1.3752, down from $1.3785 late Wednesday.
The dollar rose to 103.36 yen from 102.40 yen, and the British pound fell to $1.6350 from $1.6374.
The euro also gained on the Japanese currency, to 142.15 yen from 141.19.
US retail sales rose a slightly better-than-expected 0.7 percent in November, a key month that kicks off the important year-end holiday shopping season.
That helped send the yield on the 10-year US Treasury to 2.88 percent from 2.84 percent Wednesday; the 30-year rose to 3.90 percent from 3.88 percent.
"All of this price is consistent with increased expectations for Fed tapering," said Kathy Lien of BK Asset Management.
The Federal Reserve holds its final policy meeting of the year next Tuesday and Wednesday, with all eyes waiting to see if it judges the economy strong enough to cut back the stimulus.
The dollar also rose against the Swiss franc, to 0.8892 Swiss franc from 0.8863 franc.